Central London Letting

Derwent Valley Holdings PLC
5 July 2000


                           DERWENT VALLEY HOLDINGS PLC

                          £1.75M CENTRAL LONDON LETTING

Derwent  Valley Holdings, the specialist Central London property  investor  has,
through  its  subsidiary Colebrook Estates Limited, pre-let  its  Soho  landmark
office  building, Broadwick House, Broadwick Street, W1, to Ford  Motor  Company
Limited. The 8-storey 32,500 sq ft (3,020 sq m) building which is scheduled  for
completion  at the end of September, has been let on a 20-year lease  at  £1.75m
per  annum  with 5-year reviews. Office accommodation amounts to  26,500  sq  ft
(2,463 sq m) with the remainder being restaurant and retail. The office rent is
based upon £55.00 per sq ft.

Commenting on the transaction, John Burns, Managing Director of Derwent  Valley,
said:  'We  are delighted that an international company of Ford's  standing  has
taken such a progressive development which we hope will be the forerunner  of  a
more exciting brand of development in the West End.'

Contact:           John Burns                    020 7486 4848
                   Derwent Valley Holdings plc